Question

Layla invests money in an account paying a simple interest of 6.4% per year. If she invests $120 and no money will be added or removed from the investment, how much will she have in one year, in dollars and cents?

Answer 1

$127.68

Explanation:

Rate= 6.4%

Principal= $120

Time = 1 year

Required

The final amount A

Step two

A=P(1+rt)

substitute

A=120(1+0.064*1)

A=120(1.064)

A=120*1.064

A=$127.68

Hence the final amount is $127.68